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Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience:  10 + years of accounting and tax experience, financial statements and business planning
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my wife and i are 76 wife and 72 me we would file jointly if

Resolved Question:

my wife and i are 76 wife and 72 me we would file jointly if nessary
wife recieves $957pm nurses pention and $1270pm ssi my ssi is 587pm total annual for both ssi income $22184 or 50% off ssi income for taxable income of $11092plus $11484 wifes($957x12= $11484)totals $22,570 annual income how much more could we make before having to file a tax return ????
Submitted: 3 years ago.
Category: Tax
Expert:  Chad Oberg replied 3 years ago.

Chad Oberg :

Hi, my name is Chad, Please give me a moment to review your question.

Chad Oberg :

Who Must File explains who must file an income tax return. If you have little or no gross income, reading this section will help you decide if you have to file a return.






Table 1.2010 Filing Requirements Chart for Most Taxpayers



























































IF your filing status is...AND at the end of 2010 you were...*THEN file a return if your gross income was at least...**
singleunder 65 $9,350
65 or older$10,750
head of householdunder 65$12,050
65 or older$13,450
married, filing jointly***under 65 (both spouses)$18,700
65 or older (one spouse)$19,800
65 or older (both spouses)$20,900
married, filing separatelyany age $3,650
qualifying widow(er) with dependent childunder 65$15,050
65 or older$16,150
















* If you were born before January 2, 1946, you are considered to be 65 or older at the end of 2010.
** Gross income means all income you received in the form of money, goods, property, and services that
is not exempt from tax, including any income from sources outside the United States or from the sale
of your main home (even if you can exclude part or all of it). Do not include any social security benefits
unless (a) you are married filing a separate return and you lived with your spouse at any time during
2010, or (b) one-half of your social security benefits plus your other gross income and any tax-exempt
interest is more than $25,000 ($32,000 if married filing jointly). If (a) or (b) applies, see the Form 1040
instructions to figure the taxable part of social security benefits you must include in gross income.
*** If you did not live with your spouse at the end of 2010 (or on the date your spouse died) and
your gross income was at least $3,650, you must file a return regardless of your age.


Customer:

ok but the lower part of your answer (b)1/2 your ssi ect,ect, 25,000(32000 filing jointly

Chad Oberg :

That is correct. However, you may want to go to a online software vendor such as Turbo Tax and plug in your numbers. You may have some withholdings that I am not aware of and you may be entitled to refunds especially if you qualify for credits or even refundible credits. Sometime SS and pension receipients have withholdings on their income just as a W-2 receipient.

Customer:

whatabout over 70 years old $1100 each exeption each

Customer:

using all these numbers would we be required to file a return

Chad Oberg :

sorry give me a moment.

Customer:

no problem this is the info i need to know

Customer:

it appears to me the (b) part sez 25,000 (32500filing jointly)

Customer:

would be the needed income to need to file

Chad Oberg :

Sorry, I had a small emergency come up and am back now.

Customer:

correction 32,000 not 32500

Chad Oberg :

Do any of the following examples apply to you?



  • Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?

  • Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?

  • Were you self-employed with earnings of more than $400.00?

  • Did you sell your home?

  • Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:


    • Received an early distribution from a qualified plan

    • Made excess contributions to your IRA or MSA

    • Were born before July 1, 1939, and you did not take the minimum required distribution from your qualified retirement plan.

    • Received a distribution in the excess of $160,000 from a qualified retirement plan.



  • Will you owe social security and Medicare tax on tips you did not report to your employer?

  • Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?

  • Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)

  • Will you owe recapture tax?

  • Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?

Customer:

no

Customer:

what does amt alternative minimum taxapply to

Customer:

going back to (b) (32000) jointly is this meaningful to my total income after deducting 50% off SSI income???

Chad Oberg :

It is another tax structure that is applied to indivuals that have certain deductions such as home mortgage interest and other deductions. When the taxpayer files their return, the return calculates through a series of test what the Alternative Minimim Tax is and test which is higher, the standart taxes or the AMT tax. The taxpayer has to pay the higher amount. This law has been around for decades and congress' original intent was to make the rich pay more and not receive all the benifits of home mortgage/property taxes, etc... However, this has now backfired and the people that are the largest payers of this tax are the middle class. This is due to the fact that the calculations are not indexed for inflation while the calculations for the ordinary tax rate structures are indexed for inflation. Does anyone claim you as a dependant?

Customer:

ok thanx for amt break down it is not really applicable to this senerio. no .I'm not a dependent

Chad Oberg :

OK by that, it appears that you would fall with in the test above of $25,000 or less. However, if you had any other income not mentioned (interest income, etc...) the answer may be different. The IRS and most tax professionals still recommend putting your information into a tax return to see if you have any refunds or credits. The online tax softwares such as Turbo Tax or others will complete the return and tell you if you you have any refunds without paying for the software. Hope this helps.


If you have any further questions, please do not hesitate to contact me. Or, if the answer is adequately, please accept and conclude this correspondence.


 


Tax advice given in the above dialog is not intended for the purposes of avoiding tax or penalties. Guidance is strictly for the purpose of the addressee and is not for widespread distribution.


 


Thank you for using Justanswer.com.


 


CEO, CPA

Customer:

standard deductions would be $11400 plus7300 (3600 each)plus $2200 (1100 each) total deductions of $20,900 that being said 22,570 gross minus 20,900= $1670......net table income do I need to file

Customer:

my question was sent at exact same time as your asnswer please reply to my question

Chad Oberg :

No, because you would not include social security benifits since 50% of them combined with other income is not greater than $25,000. If it was greater than $25,000, then you would look at the calculation that you performed above.

Customer:

using the 1670 net figure back to my first question how much more money can i make before i must file using all numbers i used i my 634 question thanx chad

Customer:

6:34 pm that is

Expert:  Chad Oberg replied 3 years ago.
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Customer: replied 3 years ago.

chad

 

your last answer....no,because.....bla bla.....its under the 25,000 ???? for singles, should you not say under 32000 for us filing jointly as eluded to in the most people fall under form

Expert:  Chad Oberg replied 3 years ago.
Yes, 32,000 as the instructions indicate above for married filing jointly.
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience: 10 + years of accounting and tax experience, financial statements and business planning
Chad Oberg and 9 other Tax Specialists are ready to help you

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